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India to get information on account holders in Swiss banks from 2019: Govt

Switzerland has been long perceived as one of the safest havens for illicit wealth allegedly stashed abroad by some Indians

Press Trust of India  |  New Delhi 

UBS headquarters in Zurich. | Photo: Reuters
UBS headquarters in Zurich. | Photo: Reuters

will start receiving from this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday.

Minister of State for External Affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in corruption.

has been long perceived as one of the safest havens for illicit wealth allegedly stashed abroad by some Indians.

said the India-tax treaty facilitates receipt of information on request basis for cases under investigation.

"In addition, from 2019, will receive on automatic basis, information in respect of financial accounts held by Indian residents in Switzerland. The information received on request or on automatic basis may include information about persons allegedly involved in corruption," he said.

At the same time, added that the information received is governed by the confidentiality provisions of the tax treaty between the two countries.

In 2016, and Switzerland signed a joint declaration relating to automatic exchange of information relating to tax.

First Published: Wed, January 02 2019. 18:10 IST
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